国家控股公司

法人控股公司与国家控股公司的经营活动现金流量并无显著差异；

There is no significantly different operating cash flow between these two types of firms .

创建战略管理型国家控股公司&国家开发投资公司发展回顾

The Establishment of Strategic Managerial State-Controlling Companies

并且，在国家控股公司中，控股股东持股比例越高，公司权益代理成本越高。

What 's more , among state controlled firms , the more stocks controlled by the block shareholders , the more equity agency cost is assumed .

从治理结构看，民营公司董事会规模却显著小于国家控股公司，表明民营公司有着更高的治理效率和经营能力。

In respect of corporate governance , board size of private corporate is less than state-owned corporate , which means private corporate has higher governance efficient and manage ability .

研究发现，董事会独立性在国家控股公司与非国家控股公司之间存在一定的差异，但对公司权益代理成本几乎没有影响；

We find that despite of some difference in board 's structure between state controlled firms and no-state controlled firms , the independence of board has little influence on corporate equity agency cost .

楼继伟表示，中投公司已斥资670亿美元收购其接管的一家国家控股公司的资产，余下资金的大部分则投入了货币市场。

Mr Lou said the fund had spent $ 67bn buying the assets of a state holding company it was taking over , and had put most of the rest of the money into the money markets .

如果帕拉迪此举是在表明现在不欢迎来自国家控股公司的投资，那么他实际上就是在关上加拿大的大门，把中国、俄罗斯和中东的全球能源业新兴大国挡在门外。

If Mr Paradis is saying that investment from state-controlled companies is now unwelcome , he is shutting Canada off from the rising powers in global energy , from China , Russia , and the Middle East .

就股东大会空壳化而言，中小股东对公司治理的冷漠、国家控股公司中国有股东代表的缺位，是造成股东大会空壳化的直接原因。

As far as the problem that shareholder 's meeting has become a vacant shell , the middle and small shareholders ' indifference to the company governance and the absences of shareholder representative of state holding company in China are the direct reasons of the problem .

国家控股与公司治理的有效性

The State as the Controlling Shareholder and Corporate Governance

第一节介绍了发达国家金融控股公司监管的基本模式。

Basic mode of FHC supervision in developed country is introduced in section one .

发达国家金融控股公司的发展、风险监管机制及其对中国的借鉴意义

The Development and Risk Supervising Mechanism of Financial Holding Company of Developed Country and Its Model Significance for China

第二，社会法人控股的公司业绩好于国家控股的公司。

Secondly , the performance of the company that social legal persons control is better than the performance of the state-owned company .

在巴西，巴西石油公司（大型的国家控股石油公司）以及国有银行几乎成了政府政策的附加品。

In Brazil the big state-controlled oil company , Petrobras , and the state-controlled banks have become virtual appendages of government policy .

抵押品被怀疑，政府管制下的财政系统部奖赏承担非国家控股的公司风险的在债务人。

Collateral is suspect and the state-controlled financial system does not reward loan officers for assuming the risks that come with non-statecontrolled companies .

上周二，国有的中国商用飞机公司（comac）表示，它已与国内国家控股的航空公司签署协议，将为它们制造100架160座的c919喷气式客机。

On Tuesday , state-owned commercial aircraft Corp of China ( COMAC ) said it had signed deals with domestic state-controlled airlines to build 100 of its C919 160-seat jets .

国家控股商业银行公司治理结构运行中的问题及对策研究

The Study on the Problems and Countermeasures in the Operation of State-controlled Commercial Banks Corporate Governance Structure

普京政府有效地将叶利钦时代被寡头瓜分的石油天然气公司收归，变为以国家控股为主的公司。

Putin 's government effectively nationalized these petrol and natural gas companies that had been carved up by the oligarchs during Yeltsin Period .

国家电网巴西控股公司董事长蔡鸿贤表示，当地复杂的环境和法律法规是他们面临的第一个挑战。

Cai Hongxian , head of the Brazil branch of State Grid of China , says the complexity of the local environment and laws is their first challenge .

在这个背景下，金融控股公司飞速发展，欧美等经济发达国家的金融控股公司已经成为主流的金融公司结构。

Under this background , financial holding company developed very fast . In Europe , the United States , and other developed countries , the financial holding company has become the mainstream of the structure of the financial company .

此外，文章还发现，国家控股方式影响了公司权益代理成本，国资部门控股公司代理成本显著高于其他的国家控股公司。

We also find that governments directly controlled firms assume more equity agency cost that other state controlled firms .

尤其是最近十年，相关政策方针与法律法规的出台显示了国家对国有控股上市公司市场化改革的决心。

Especially in the last decade , the introduction of the policy guidelines and legal regulations shows the determination of market-oriented reforms of state-controlled listed companies .

国有企业的改革方向是建立现代企业制度。大企业的方向是实行公司制，大力发展股份制，实现股权多元化，重要的企业国家控股，建立现代公司治理结构。

The core issue of the reform of state-owned enterprises is corporate governance , and the direction of the reform of SOE is to establish modern enterprise system .

公有制商品林业投融资渠道：建立国家控股的林业股份公司吸引其他企业投资资金、通过租赁林地融资吸引职工投资；

Public ownership and commercial forestry investment and financing channels : establishing national proprietary forestry company to attract other business investment , through leasing land to attract workers investment ;

发达国家在促进金融控股公司发展的同时，推动了资本全球流动和金融一体化的进程，极大地提升了这些国家的金融效率。

While developed countries are facilitating the development of establishing Financial Holding Companies , it boosts the course of global capital flow and financial integration which by a long way upgrades these countries ' financial efficiency .

随着新政《国有控股上市公司股权激励试行办法》的颁布，国家对国有控股上市公司实施股权激励有了规范的引导，此时的股权激励方案显现出了明显的不同。

With the promulgation of the new policy state-controlled listed companies ' equity incentive measure , state-controlled listed companies have a guideline in carrying out it . The equity incentive plan shows a clearly difference after that .

转轨经济背景下，我国国有企业正日益呈现出一种多元化的企业所有制格局，表现为国有独资、国家控股、国家参股公司的同时并存。

Under the shunted economy background , our State-owned enterprises are increasingly taking on a sort of multiple enterprise possession pattern , which manifest state-owned single contributive enterprises , nation holding companies and nation share companies together existing contemporarily .

为了加强会计人员管理，强化会计监督，从而保证会计信息的真实、可靠，在有的地区，有的国家企业、国有控股公司已经开始推行会计委派制。

Therefore , the system of appointing accountants is being carried out in some state-run enterprises , state controlling companies in some areas for strengthening the management of accountants and inspection of accounting so that accounting information can be true and reliable .

该基金初期的所有投资者都将是本土机构，包括国家养老基金和国家控股的大型保险公司。

All of the initial investors in the fund will be domestic institutions , including the state pension fund and large state-controlled insurers .

第二节以美国、英国、日本三个典型国家为例，分析了发达国家对金融控股公司的监管实践。

Section two , as the example with three typical countries of U.S.A. , Britain and Japan , the paper analyzes the supervision practice of FHC of developed country .

它是国家出资设立的国有公司，是国家授权投资的机构和国家控股公司。

It 's state-owned company invested by the State , functioning as a state-authorized investment institution in which the State holds the controlling share .